Ripple's XRP has failed to replicate the record gains of Bitcoin and Ethereum in recent weeks, as the price is consolidating and declining against both USDT and BTC. However, there remains a possibility for even stronger upside until certain key levels are lost.
XRP Price Technical Analysis
USDT Pair
The daily timeframe of the XRP/USDT pair shows hesitation and fear among XRP investors, as the price fails to break through the resistance level of $3.40, while other competitors have rallied and set new all-time highs. However, with the support level of $2.80 still intact, along with the 100-day and 200-day moving averages positioned just below this area, the bullish structure is still being maintained.
Meanwhile, the RSI index has rapidly declined since showing overbought readings in July and has recently fallen below 50. This is a clear sign that the downtrend is shifting, indicating a potential drop to the support zone of $2.80.
In the event that this level is broken to the downside, XRP will create a lower low and may also surpass the aforementioned moving averages, experiencing a much deeper retracement towards the $2.10 region in the near future.
BTC Pair
Shifting to the XRPBTC chart, the situation appears somewhat more optimistic for XRP. This asset has escaped a descending channel that lasted for months after a nearly vertical price increase in July, while leaving both the 100-day and 200-day moving averages behind.
These DMA moving averages are currently converging around the support level of 2,400 SAT, creating a significant price zone that has the potential to push the price higher once again and end the recent downtrend.
However, it is noteworthy that, unlike the USDT pair, the 100-day and 200-day moving averages have yet to create a golden cross, and with the RSI dropping below 50, the market structure is still not entirely favorable for buyers.
Therefore, holding the 2,400 SAT zone is more crucial than ever, as this level could mark the beginning of the next bullish phase, or a break below it could trigger a significant drop, potentially pulling XRP below 2,000 SAT in the short term.
